When is Probate required in New South Wales (NSW) ?
Probate is required in NSW when an asset holder (Bank, Aged Care facility, Share Registry) or other institution (ATO, Centrelink) requests that an Executor produce a Grant of Probate before they are allowed to access the estate of a deceased person.
Asset holders have clearly defined policies as to when Probate is required in New South Wales. These policies are informed by a number of factors including:
- The type of asset
- Its value
- How it was owned
Sometimes Probate is not required, and certified copies of the Death Certificate and Will suffice. It all depends upon the nature of the assets and the policies of the institutions holding or managing them.
When Probate will be required in NSW
Executors will need a Grant of Probate in the following situations:
- Seeking the refund of an Accommodation Bond (RAD) from an aged care facility.
- Transferring title of real estate that was held solely by the deceased, or as tenants in common.
- Accessing funds in a bank account over a certain value, usually $50,000.
- Dealing with a shareholding over a certain value, usually $50,000.
- Accessing Superannuation that is payable to the estate.
Probate is also necessary to perform other duties in relation to finalising a deceased person’s estate, including making contact with the ATO regarding tax returns or dealing with liabilities such as mortgages.
How can an Executor of a Will determine when Probate is required in NSW?
An executor can determine whether Probate is required in NSW by:
- Contacting the relevant asset holders or institutions and asking whether they require a Grant of Probate before allowing access to the deceased’s estate.
- If there are minimal assets, executors may only need to produce a certified copy of the Will and death certificate.
- Getting in touch with Probate Consultants for a Free Consultation.
- Speaking with a Probate lawyer.
How can an Executor apply for a Grant of Probate in New South Wales (NSW)?
There are four main ways for an Executor apply for a Grant of Probate:
- Complete the application themselves as a Self-Represented Applicant (SRA).
- Apply as an SRA with guidance from Probate Consultants.
- Engage a Probate Lawyer in NSW.
- Authorise a Trustee Company to act as the executor.
There are pros and cons to each option and finding the best way to apply is an important decision for executors.
Applying for Probate in New South Wales
Generally speaking, obtaining a Grant of Probate in NSW involves the following steps.
If Probate is required in NSW, you will need the following documents to apply:
- Original Will
- Death Certificate
- Current documents relating to the deceased person’s estate
- Property and Assets
- Debts & Liabilities
Probate Timeline in NSW
Once an application for Probate is lodged with the Supreme Court of NSW, it is reviewed within 10-12 weeks. This timeframe includes the mandatory 14-day advertisement period.
If the application is approved, the Grant of Probate is issued immediately and is accessible online via the Court’s Probate Platform. If, however, there is an issue with the application, the Court will raise a requisition that must be answered before Probate is granted.
Read our blog “How Long Does Probate Take in NSW?” for more information.
If you need information about Probate, contact us today on 1300 561 803 for a Free Consultation.
Probate Costs in New South Wales
The cost of Probate in NSW depends upon two main factors:
- The gross value of the deceased’s assets in NSW
- The way you choose to apply
- Yourself as a self-represented applicant (SRA)
- SRA supported by Probate Consultants
- Probate Solicitor
No matter how you choose to apply for Probate in NSW, the following Court Fees are payable by all applicants:
- Advertisement Fee – $55
- Filing Fee – $0 – $6,931
- This Fee is determined by the gross value of assets located in New South Wales
If you apply as an SRA, there are no other costs involved in the Probate application. If you require professional support, you will pay the fees charged by the service provider.
Probate Consultants empower SRAs to apply for Grants of Probate by providing specialist guidance and support. We charge $1,888 inc GST for Conventional Probate applications and $2,288 inc GST for Complex ones.
Learn more about Probate Costs in NSW by reading our blog:
Conclusion:
Whilst Probate is not always required in NSW, most executors will need to apply for it when a loved one passes away leaving property, assets and/or debt. This is because asset holders and other institutions require evidence of who is authorised to administer the deceased person’s estate.
Asset holders have clearly defined policies regarding when Probate is required. These policies are informed by a number of factors including:
- The type of asset
- Its value
- How it was owned
If Probate is required in New South Wales, executors make an application through the Supreme Court and receive a Grant of Probate if successful. There are four main ways to apply for Probate and deciding which pathway to take is crucial, affecting the costs, timeline and experience of everyone involved.
For executors aligning with the SRA pathway, Probate Consultants have made applying for Probate fast, affordable and easy. As Australia’s highest rated Probate solution with over 300 five-star Google reviews, we pride ourselves on offering affordable Fixed-Fees and providing fast approval times.